Some Data Points From CLR, WLL, MRO -- Last Day of Bismarck Conference -- The Bakken, North Dakota, USA

Some random data points from three Bakken oil execs on the last day of the May 22 - 24, 2012, Bismarck Bakken Conference. Link to Bismarck Tribune. Some numbers rounded.

• conference broke its own record the last day of the conference: 4,300
• population of North Dakota: 1 million by 2020 - 2030 (date found at different story); current population: 684,000
• oil production: 1 million bopd by 2015; currently 575,000 bopd
• CLR estimates: 27 to 45 billion bbls of recoverable oil from the Bakken; (back of envelope: 5% recovery of 500 billion bbls OOIP --> 25 billion bbls of recovered oil; so either higher rates of recovery or greater OOIP -- assuming I did the math right; perhaps both: higher rates of recovery and greater OOIP)
• new estimates based on production from two previously untapped "bench zones" in the Bakken
• WLL: expects 500 wells in its Pronghorn Prospect between Dickinson and Belfield; 30 wells now
• WLL: 7 - 10 rigs in the Pronghorn Prospect for the next couple of years
• (back of envelope: 500/3 --> 165 wells/year/10 rigs --> each rig about 16 wells/year; 365/16 --> 22 days to move in, reach total depth, and move out)
• (or, again, back of envelope: 500/4 --> 125 wells/year/10 rigs --> 12 wells/years; one well/month/rig)
• WLL: best financial returns in its history
• WLL: Sanish $7 million wells reach payout in less than a year
• WLL: wells elsewhere are taking a bit longer to reach payout
• WLL: Pronghorn Prospect is expected to be every bit as good as the Sanish
• CLR: expects to see 250 active rigs in ND; currently 200 - 210 (record: 215)

Some interesting quotes:

To find what he calls “Bakken sweet spots,” [WLL/CEO] Volker said, his company relies increasingly on microscopic analysis of core samples to evaluate how porous, saturated and permeable formations are.

North Dakota is a learning laboratory for oil development here and in other states. “North Dakota is helping lead the way,” [MRO executive] Roberts said.

Six (6) New Permits -- Another Nice BEXP Well -- Some Nice EOG Wells -- The Williston Basin, North Dakota, USA

Daily activity report, May 25, 2012 --

Operators: Abraxas (4), Zenergy (2)
Fields: North Fork (McKenzie), Nohly Lake (McKenzie)

Ten (10) wells released from confidential status:

• 18569, 90, EOG, Sidonia 9-35H, Clear Water;  t12/11; cum 15K 3/12;
• 18648, 197, EOG, Clearwater 4-11H, Clear Water; t12/11; cum 12K 3/12;
• 19231, 398, EOG, Liberty LR 13-14H, Van Hook, t12/11; cum 68K 3/12;
• 19700, 228, EOG, Kandiyohi 21-3427H, Clear Water, t1/12; cum 10K 3/12;
• 20254, 980, EOG, Liberty LR 2--26H, Van Hook, t12/11; cum 69K 3/12;
• 21107, 231, Samson Resources, Dorado 14-23-162-98H, Blooming Prairie, t4/12; cum 6K 3/12;
• 21116, 952, QEP, MHA 2-05-06H-149-90, Deep Water Creek Bay, t 4/12; cum ND;
• 21668, DRL, BR, Uberwachen 22-34, a Birdbear well, primarily a "research well," good gas show in the middle Bakken; some gas show in the Birdbear but not as much; casing problems; workover rig on site; a vertical well;
• 21804, 2,699, BEXP, Clifford Bakke 26-35 4H, Alger, t2/12; cum 49K 3/12; in less than 2 months --> almost 50K bbls;
• 21848, 567, CLR, Cincinnati 1-30H, Indian Hill, t2/12; cum 21K 3/12;

Sixteen (16) wells approved for confidential status (EOG, OXY, Whiting, Triangle, Fidelity).

Note: BEXP reported another great IP; see Filloon's comments regarding BEXP's IPs -- I am in complete agreement; I think I have posted my thoughts regarding IP but can't remember for sure.

It looks like it is time to update EOG's Liberty wells. 

Out and About Until Later This Evening

Good luck to all.

Filloon Updates BEXP's Bakken Results -- 1Q12

Link here to SeekingAlpha.com.

These results are significant. Brigham has some of the best IP rates in the Williston Basin. These high 24-hour IP rates, are created by Brigham's decreased choking back of production. The choke it is currently using will tend to lose pressure in a shorter period of time. Brigham opens up these wells and obtains more resource in a shorter period of time. Companies that choke back production more, allow the well to produce for a longer period of time before being placed on artificial lift. I am unsure which way is more productive. Some think releasing well pressure too fast will decrease recovery over the life of the well. But when compared to other producers to date, this has not been the case as Brigham still outperforms much of its competition, although an argument can be made for Kodiak in the Koala and Polar prospects.

Fracking and Truck Safety

Link here to a fascinating Rigzone article.